Turnhout, 15 May 2007 – Miko, the Eurolist by Euronext Brussels listed specialist in coffee service and plastic packaging, already owning 70 % of the shares in the Czech coffee service operator Miko Kava, has now exercised its call option on the remaining 30 % of the shares, making this company a wholly-owned subsidiary.
Miko decided in March 2001 to acquire this company as part of its strategy in Central Europe, characterised by a cautious “step-by-step” approach. At that time, Miko Kava (previously known as CBB) had a negative cash flow, a high level of debt and falling sales figures.
“While the focus then was on the declining vending market, under the guiding influence of Miko’s expertise, a turnaround was achieved. This was done by shifting towards smaller coffee concepts, requiring smaller budgets, which resulted in a positive cash flow. It is thanks to this approach and its results that we decided to fully commit ourselves to this market,” explains Frans Michielsen, Miko group’s CEO.
Turnover of Miko Kava, which rose in 2006 by 9 % to 450,000 EUR, is realised by 10 staff operating from its depot in Pisnice, a stone’s throw away from Prague.